(IDEX Online) - Jewelry group Chow Tai Fook Jewellery Group and the GIA are to use blockchain technology to deliver secure, digital diamond grading reports to consumers for the first time, the GIA said.
Clients of Chow Tai Fook's diamond brand, CHOW TAI FOOK T MARK (T MARK), will receive a permanent and immutable blockchain record of their diamond's GIA grading information.
This innovative service will first be piloted in selected Chow Tai Fook stores in Hong Kong before expanding to other locations at the end of 2018, the GIA said.
Kent Wong, Chow Tai Fook managing director, said "We are very proud of our cooperation with GIA which gives our customers additional assurance and transparency, and the opportunity to have both diamond grading and diamond traceability information at their fingertips. This is an important industry breakthrough and adds a new chapter to the customer experience."
Tom Moses, GIA executive vice president and chief laboratory and research officer, said: "Securely linking T MARK customers to their diamond's grading information through the use of blockchain is an important step to enhance consumer trust.
"GIA has been delighted to work closely with Chow Tai Fook to bring this advancement to the entire gem and jewelry community."
GIA diamond grading information for T MARK diamonds will be written directly to a blockchain ledger shared between Chow Tai Fook and GIA. The unique record of the diamond's information is transferred via the T MARK app to the final customer.
"This is among the first consumer-facing initiatives to use the blockchain to put diamond grading information directly into the hands of the consumer. This is an important milestone as blockchain moves from business-to-business, to business-to-consumer."
The initiative was developed with leading blockchain solutions provider Everledger and is secured by the IBM Blockchain Platform.
Leanne Kemp, Everledger chief executive officer, said, "We are delighted to be working with two industry giants to provide assurance for customers through our pioneering work with blockchain technology for the diamond industry. This is a great result of more than two years of work and we look forward to continue delivering business and customer benefits for the entire industry."
Marie Wieck, general manager, IBM Blockchain, said, "Bringing data on quality and provenance to the consumer through the use of blockchain is an important shift in creating a more transparent marketplace where buyers have better insight on purchasing decisions. IBM's highly secure blockchain platform, delivered on the IBM Cloud, makes it possible for Chow Tai Fook and GIA to bring this innovation to consumers."